President Bola Tinubu has budgeted N5 billion each for the purchase of a Presidential Yacht and another N5.5 billion for the Education Loan Fund as part of the implementation of the Higher Education Access Act, 2023, otherwise known as Students Loan Act.
The sum is part of the N2.17 trillion supplementary budget Mr Tinubu sent to the National Assembly for approval. The President also budgeted N5.1 billion for the rehabilitation of 100 schools in 100 days programme in the Federal Capital Territory (FCT).
The budget has already scaled the second reading at the House of Representatives.
The budget also showed N4 billion for the renovation of the residential quarters of the president, and N2.5 billion for the renovation of the Vice President’s residence.
The government also plans to spend another N2.9 billion on Sport Utility Vehicles (SUV) for the Presidential Villa, and another N2.9 billion to replace operational vehicles for the presidency.
The government also plans to spend N1.5 billion on vehicles for the Office of First Lady, which doesn’t exist under the country’s law.
The Higher Education Act signed into law by President Tinubu in June was supposed to take off in September but the president announced recently that the implementation has now been scheduled for January 2024.
The Education Loan Fund was created by an Act and is to be domiciled and managed by the Central Bank of Nigeria (CBN).
The president’s spokesperson, Ajuri Ngelale, is yet to respond to PREMIUM TIMES’ inquiry on it. He had said on the phone on Wednesday that there was a network jam where he was. But he has yet to respond to messages sent to him conveying the questions.